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Why Should You Ignore The High Cost Of PMP Boot Camps?

A big thank you to one of our partners, Praveen Malik, for creating the content for this blog. You can check out his website, PMbyPM, for more advice and tips about the PMP exam: https://www.pmbypm.com/

Why Should You Ignore The High Cost Of PMP Boot Camps?

Do you want 100% returns on your investment? What if I told you that your investment is very safe?

Your answer would be a big YES but you would say that it is practically impossible to achieve that unless one wins a lottery.

Wait!

You would ask me what this question has got to do with project management training or PMP boot camps.

Let me talk at little bit more about money before talking about the relevance of the question.

Financial Investments 101

How much interest would you get if you put your money in a CD? 2-3% per year

How much can you earn on an average if you put your money in a good equity mutual find? 12-15% per year if luck favors you. Otherwise you may lose money.

What is the average return on capital if you invest your money in real estate? 5-6% if you back the right property.

If you do regular investments, you will get single or low double digit returns. But, do you know the magnitude of return if you invest the money in yourself. What would be the monetary benefit of upgrading your knowledge and skills? Specifically, how much would you gain if you become a PMP?

Let us answer these questions by doing a cost benefit analysis of investment in PMP vs its potential return.

How Much Does a PMP Boot Camp Cost?

A good PMP boot camp program or an instructor let online program costs about $2500. It is a lot of money for most people. But, as we will see later, it provides a lot of value as well.

They provide comprehensive study material so you don’t have to buy anything else.

Access to their online program is included in the boot camp cost.

You can enroll in their program for $2447.

You would ask me, why I should spend so much on a classroom program when I can get an online 35 hour training course for less than $500. That is a fair question and let us answer that.

How Much Can You Spend On PMP Certification?

PMI conducted a global salary survey across 34 different countries. The findings of the survey suggests two things:

The median salary of a project manager in USA is $108,200

A PMP certified project manager earns $20,000 per annum more than a non-certified one.

So, if you are not a PMP, you should become one immediately. You are potentially losing a lot of money by not pursuing the certification.

The above statistics also suggests that you can possibly spend $20,000 (a year’s worth of increase in salary) on the PMP certification.

Is It Worth Taking A Costly PMP Classroom Training Course?

We already know that PMP Classroom training is a costly affair. You would also know that there are cheaper alternatives to a classroom training. You can do an online training for less than $500.

So, why shouldn’t you pursue an online course which can save you $2,000 (or more)?

An instructor led online training is well worth its cost. It has many advantages over a self-learning course. A boot camp or an online boot camp

Runs on a fixed schedule. You have to study continuously during the four days of boot camp. Your study time reduces drastically. You can take certification exam immediately after the training.

Gives you time to interact with an experienced trainer. A trainer can give you active guidance and motivate to crack the exam early.

Runs as a group class. Peer pressure and other external motivating factors force you to pass the exam as early as possible.

All the above benefits suggest that a boot camp helps you pass the exam early. On the other hand, if you pursue a self-learning training, you may need to spend anywhere between 6 months to 1 year to pass PMP exam.

You would lose potential increase in salary by delaying the PMP exam.

If your aim is to pass the PMP exam in short time then a boot camp is the best way to achieve success.

Conclusion

PMP Certification is one of the most renowned and respected Global certification. At the same time PMP exam is one of the hardest to crack. You should plan properly to pass this exam in your first try.

A boot camp will give you right study material, tools, and motivation to pass the exam in first attempt. Cost of a boot camp is only one side of the equation which can be recovered in a short period. You must weigh the benefits against the cost.

Let us go back to the question I asked in the beginning of this article. You can make more than 100% returns on your investment if you choose the right training.

About the Author: Praveen Malik, PMP is a certified Project Management Professional (PMP®) with a rich 23+ years of experience. He is a leading Project Management Instructor and Consultant. He regularly conducts Project Management workshops. He writes on Project Management and PMP certification on his eponymous blog (https://www.pmbypm.com/